Kumkum Modi

SAT-appeal

• Acquisition of SBEC Sugar Ltd shares in 2014 raising holding from 54.46% to 63.86% triggering SAST open offer obligation, without making open offer.
  Misc. Application No. 209 of 2020 for extension of time rejected as misconceived · Appellant Nos. 5 and 6 to sell shares acquired in violation and transfer proceeds to Investor Protection Fund
  Appeal: Misc. Application No. 209 of 2020 in Appeal No. 444 of 2018 decided 29.07.2020 - extension rejected; prior SAT order dated 29.01.2020 partly allowed Appeal No. 444 of 2018
• Acquisition of an additional 9.4% voting rights by promoter-group entities without making the mandatory public announcement/open offer under Regulation 3(2) of the SAST Regulations.
  Appeal No.443 of 2018 by SBEC Systems (India) Ltd. allowed because SEBI did not establish that it acted in concert. · Impugned direction requiring all appellants to make an open offer with 10% interest was not sustained against SBEC Systems (India) Ltd.
  Appeal: Appeal Nos.443 and 444 of 2018; Appeal No.443 by SBEC Systems (India) Ltd. allowed. Disposition of Appeal No.444 is not provided in the supplied text.
• Acquisition of an additional 9.4% voting rights by promoter-group entities without making the required public announcement/open offer under Regulation 3(2) of the SAST Regulations.
  Appeal No. 443 of 2018 by SBEC Systems (India) Ltd. was allowed, as reflected in the available text. · Impugned direction requiring appellants to make a public announcement for an open offer with 10% annual interest was challenged; full disposition of Appeal No. 444 is not present in the supplied text.
  Appeal: Appeal Nos. 443 and 444 of 2018; SAT order reserved 21 November 2019 and decision dated 29 January 2020. Available text records Appeal No. 443 as allowed; outcome for Appeal No. 444 is absent.